Futurity First Financial Corp. says it has secured financing for a new life insurance agency network to be headed by a former top executive of Bankers Life and Casualty Company.
A private equity firm, Aquiline Capital Partners L.L.C., New York, will invest up to $100 million in the new company, named Futurity First Insurance Group Inc., Hartford.
Edward Berube, a co-founder of the company, will be the president and chief executive officer.
Until recently, Berube had been president of Bankers Life and Casualty Company, Chicago, part of Conseco Inc., Carmel, Ind.
Futurity First Insurance will focus on selling life and health insurance and annuity products from a variety of carriers, including AIG American General, Houston; Genworth Financial Inc., Richmond, Va.; and Lincoln National Corp., Philadelphia. The company will focus on selling to middle-income families and small businesses, organizers say.
Futurity First will distribute its products through a network of company-employed career agents in branch offices around the country. It anticipates establishing 150 offices by 2013, employing more than 3,000 agents.
In addition to Berube, founders and executives of the new company include Thomas McConnell, formerly president of New England Securities and chairman of MetLife Securities, who will head product management; Karen Matheson, chief financial officer, who was formerly CFO of Lincoln Financial Distributors, a unit of Lincoln National; and Joy McConnell, head of operations, formerly vice president, operations for Lincoln National.
Aquiline invests in financial service companies around the world, including specialty finance, securities, asset management, life insurance and transaction processing firms.